Description

The global energy bar market size is expected to grow from USD 645.0 million in 2020 to USD 935.8 million by 2027, at a CAGR of 6.4% from 2021 to 2027. Energy bars are high in energy as they contain oats, nuts, seeds, and granola ingredients. These bars are recommended for providing an instant energy boost during short workouts such as cycling or running. Since there is no added sugar in energy bars, they are suitable for everybody. Energy bars are regarded as a convenient on-the-go snack that provides an instant boost of energy.

The increasing popularity of energy bars among athletes and young adults is an emerging driver expected to boost market growth during the forecast period. Sportspersons require healthy snacking to perform well, and they must eat a meal at least once a day—fiber-rich energy bars aid in appetite suppression, digestive health improvement, and weight management. As a result, there is a rise in demand for these products among athletes.

Professional sportspersons, which require a balanced diet of carbohydrates, vitamins, minerals, dietary fat, and dietary protein, are increasingly consuming energy bars. Sportspersons growing demand for better-tasting and multifunctional food supplements is driving the sales of sports energy bars. As a result, the growing demand for sports nutrition is anticipated to drive the growth of the energy bar market.

COVID-19 Impact on the Global Energy Bar

COVID-19 is an infectious disease that originated in the Hubei province of Wuhan city in China in late December 2019. The highly contagious disease, caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) virus, is transmitted from humans to humans. Subsequently, the outbreak in December 2019 has spread to almost 213 countries around the globe, with the WHO (World Health Organization) declaring it a public health emergency on March 11th, 2020.

The COVID-19 pandemic allowed many private players to emerge in the markets to meet the increased demand for snack products, which benefited energy bar manufacturers. The need for innovative snacks is consistently high in developed countries, owing to the convenience of quick usage, storage, and easy provision for nutrition and energy requirements. During the lockdown, online stores witnessed a remarkable increase in sales of snacks, bars, and other convenience foods, thereby sustaining the demand for energy bars. As they were afraid of running out of products, most people preferred to buy in bulk. As a result, large basket sizes remained a significant reason for preserving snacks and bars in all regions.

Global Energy Bar Market Dynamics

Drivers: Convenient and nutritional on-the-go snacking is in high demand

Changes in consumption patterns and increased awareness about healthy foods led to a surge in demand for convenience foods. On-the-go snacking has become extremely popular due to the hectic lifestyles of the working population. However, the on-the-go snacking concept is closely connected to energy bars as it is easy to consume. Energy bars with a high amount of micronutrients, which provide instant energy, are widely adopted by consumers. Thus, the benefits provided by energy bars, such as convenient to eat and disposable packaging, ensure the product's safety, thereby increasing the demand for energy bars during the forecast period.

Restraints: Consumer perceptions for snack bars are changing rapidly

Constantly shifting customer behavior and tastes for snack food products adds to the cost of R&D and manufacturing setup for the major players, thereby restricting the market growth. Furthermore, the widespread involvement of local snack makers has hampered the operations of global industry players. In addition, the energy bar market growth is expected to be limited by the broad availability of alternative products such as energy drinks, cookies, and powder.

Opportunities: Surge in demand for dietary food items

Consumption of low-carb and low-fat energy bars has increased in response to the rising demand for dietary foods. Moreover, as people become more aware of the health benefits of natural, chemical-free foods, the processing of proven non-allergic and gluten-free nutrition foods has become easier. Moreover, the rising prevalence of diabetes has increased the demand for low-sugar foods, offering new opportunities in the market.

Scope of the Report

The study categorizes the energy bar market based on type, nature, and distribution channel at the regional and global levels.

By Type Outlook (Sales, USD Million, 2017-2027)

• Protein Bar
• Nutrition Bar
• Cereal Bar
• Fiber Bar

By Nature Outlook (Sales, USD Million, 2017-2027)

• Organic
• Conventional

By Distribution Channel (Sales, USD Million, 2017-2027)

• Hypermarkets & Supermarkets
• Convenience Stores
• Specialty Stores
• Online Sales Channel

By Region Outlook (Sales, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The protein bar segment is projected to account for the largest market share by type

Based on type, the global energy bar market is divided into a protein bar, nutrition bar, cereal bar, and fiber bar. The protein bar segment was the largest contributor to the market in 2020. Protein bar had 35.4% of the market share in 2020. Protein bars are nutritional bars with a high protein-to-carbohydrate/fat ratio. Protein bars are portable snacks with high protein and carbohydrate content. It is a good source of protein as well as other nutrients. It provides proteins that aid in protein synthesis, muscle mass, and fat loss. Isolated proteins in protein bars are derived from various sources, including soy, oats, meat, and nuts. The demand for processed foods is rapidly increasing due to increased health awareness, changing socioeconomic needs, and lack of time to prepare food with proper/balanced nutrition. As a result, the global protein bar market is expected to expand. Consumers are currently opting for weight management and energy products, such as protein bars, to stay fit and healthy in their daily lives. This shift in lifestyle is a driving factor in the market for protein bars.

Europe accounts for the highest CAGR during the forecast period

Based on the regions, the global energy bar market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Europe is estimated to hold the highest CAGR in the global energy bar market during the forecast period. The Europe energy bar market includes countries such as the UK, France, the Netherlands, Germany, Turkey, and the rest of Europe. Many European companies are rebuilding their energy bars with clean label requirements to meet consumer demand for transparency and healthy-positioned products.

People in the UK are becoming more health-conscious and regularly visiting fitness centers and gyms, increasing the demand for energy bars. The primary users of sports energy products are bodybuilders and athletes. The demand is fueled by sports enthusiasts' immense use of sports nutrition products, which is expected to open up new market opportunities for energy bar manufacturers. The key factors driving the energy bar market in the UK are increased demand for health and nutrition products, impulse purchases, and product innovation. Clean label products are paving the way in European countries, such as France and Germany, where the energy bar market is expanding faster. To meet consumer demand for transparency, healthy-positioned products, and labels, many European companies are rebuilding their bars with clean label requirements, putting many popular ingredients out of reach. To meet the trend, more companies are developing innovative products that use alternative protein sources.

Key Market Players

The major players operating in the global energy bar market are Cliff Bar & Company, Brighter Foods Ltd, General Mills Inc, McKee Foods Corporation, Kind LLC, NuGo Nutrition, Probar LLC, Quest Nutrition, Premier Nutrition Inc, and Kellogg Company. Every company follows its business strategy to attain the maximum market share.

Recent Developments

• In December 2019, Probar LLC and U.S.-based Ski & Snowboard entered into a global partnership making Probar the official Protein Bar, Nutrition Bar, Energy Bar, Energy Chew, and Nut Butter brand of Ski & Snowboard help to gain popularity of brands among the athletes.
• In January 2018, The Kellogg Company acquired RXBar, known as the fastest-growing nutrition bar brand in the U.S., to increase its growth.
• In July 2020, General Mills, Inc.’s Nature Valley brand introduced a sustained energy bar formulated with a combination of almonds, sunflower seeds, pumpkin seeds, peanuts, cranberries, and blueberries to expand its product portfolio.
• In December 2020, Quest Nutrition launched the product Quest snack bar to enhance its original protein bar line.

Key Issues Addressed

• What is the market size by various segmentation of the energy bar by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the energy bar market?
• What are the key opportunities and trends for manufacturers involved in the energy bar supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of energy bars in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.